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CoinFLEX halts withdrawals citing uncertainty” with unnamed counterparty
CoinFLEX is halting withdrawals until at least June 30, the exchange said The unnamed counterparty is not Three Arrows Capital, Celsius or BlockFi, the announcement said CoinFLEX has suspended all withdrawals in the latest case of an exchange going offline amid turbulent trading. Customers can continue to trade and deposit, but no funds can be taken out of the platform, the company said in a statement on Thursday. “Due to the extreme market conditions over the past week and ongoing uncertainty regarding a counterparty, we are announcing today that we are pausing all withdrawals,” the exchange wrote. "We …
CoinFLEX halts withdrawals citing uncertainty” with unnamed counterparty
- CoinFLEX stoppt Auszahlungen bis mindestens 30. Juni, teilte die Börse mit
- Die ungenannte Gegenpartei sei nicht Three Arrows Capital, Celsius oder BlockFi, hieß es in der Ankündigung
CoinFLEX has suspended all withdrawals in the latest case of an exchange going offline amid turbulent trading.
Customers can continue to trade and deposit, but no funds can be taken out of the platform, the company said in a statement on Thursday.
“Due to the extreme market conditions over the past week and ongoing uncertainty regarding a counterparty, we are announcing today that we are pausing all withdrawals,” the exchange said wrote. “We expect to resume payouts in a better position as soon as possible.”
The exchange also suspended trading of all of its in-house FLEX tokens.
The unnamed counterparty is not Three Arrows Capital, which is currently facing possible bankruptcy, CoinFLEX said. The company's CEO also clarified that the counterparty is not a lending company like Celsius or BlockFi.
The next update is scheduled for June 27, and withdrawals are expected to resume on June 30, the exchange said.
CoinFLEX Telegram members had already reported problems with withdrawals in the last few days.
“99.X% of my money is in CoinFLEX right now,” CoinFlex CEO Mark Lamb wrote in the company Telegram channel Thursday. “None of this has been withdrawn.”
The situation highlights ongoing liquidity concerns as the sell-off in crypto markets continues and companies across the industry begin to feel the pressure.
“There is no easy solution, but more robust liquidity is a good starting point for crypto institutions under stress,” said Timo Lehes, co-founder of blockchain infrastructure company Swarms.
A spokesperson for CoinFLEX did not immediately respond to a request for comment.
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The post CoinFLEX stops withdrawals citing “uncertainty” with unnamed counterparty is not financial advice.